MIRA INFORM REPORT

Report No. :	322232
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	ANGLO - FRENCH DRUGS AND INDUSTRIES LIMITED
Registered Office :	41, 3rd Cross, V Block, Rajajinagar,  Bangalore -  560010,  Karnataka
Tel No.:	91-80-23156757
Country :	India
Financials (as on) :	30.06.2014
Date of Incorporation :	01.02.1923
Com. Reg. No.:	08-010205
Capital Investment / Paid-up Capital :	Rs. 11.625 Million
CIN No.: [Company Identification No.]	L24230KA1923PLC010205
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACA9756E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Pharmaceutical Products
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established private limited company having satisfactory track record. Company has recorded losses in the current financial year. However, liquidity is good. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term = BBB-
Rating Explanation	Moderate Degree of safety and moderate credit risk
Date	July 2014

Rating Agency Name	ICRA
Rating	Short Term = A3+
Rating Explanation	Moderate Degree of safety and Higher credit risk
Date	July 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mohan
Designation :	Maintenance Engineer
Contact No.:	91-80-23156757
Date :	13.05.2015

LOCATIONS

Registered Office/ Factory:	41, 3rd Cross, V Block, Rajajinagar,  Bangalore -  560010,  Karnataka, India
Tel. No.:	91-80-23156757
Fax No.:	91-80-23154770
E-Mail :	contact@afdil.com finance@afdil.com
Website:	http://www.afdil.com
Location :	Owned

DIRECTORS

As on 27.10.2014

Name :

Mr. Abhay Binod Kanoria

Designation :

Managing Director

Address :

281, Kshitij, 47, L Jagmohandas Marg, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

12.07.1956

Date of Appointment :

01.04.2014

Din No.:

00108894

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111WB1981PLC033428	SUDARSHAN EXPORTS LTD	Director	31-12-1984	31-12-1984	-	Strike off	NO
2	U28990WB1983PLC035901	THAMES LINERS LTD	Director	10-06-1985	10-06-1985	-	Strike off	NO
3	U17119GJ1979PLC003516	RADHA KESARI SPINNING MILLS LIMITED	Director	01-01-1990	01-01-1990	-	Active	NO
4	U67190MH1993PTC075314	ALTHAEA FINANCE AND LEASING PRIVATE LIMITED	Director	10-02-1994	10-02-1994	02-06-2014	Active	NO
5	U74999MH1984PLC033697	SUDARSHAN SERVICES LTD	Director	16-08-1994	16-08-1994	20-03-2015	Active	NO
6	U65923MH1988PLC046995	AAKRUTI INVESTMENT LIMITED	Director	10-10-1995	10-10-1995	-	Active	NO
7	L24230KA1923PLC010205	ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED	Managing director	01-04-2014	01-03-1997	-	Active	NO
8	U17119GJ1958PLC000883	BROACH TEXTILE MILLS LIMITED (FULLFLEDGED PUBLIC CO )	Managing director	01-01-2010	01-01-2000	-	Active	NO
9	L28990MH2003PLC142200	THAMES LINERS LIMITED	Director	15-09-2003	15-09-2003	-	Active	NO
10	U17120MH2003PLC142198	SUDARSHAN EXPORTS LIMITED	Director	15-09-2003	15-09-2003	-	Active	NO
11	U51909MH2004PTC145393	EKTA TIE-UP PRIVATE LIMITED	Director	29-03-2004	29-03-2004	-	Active	NO
12	U17119MH1983PTC206592	BROACH PROCESSORS PVT LTD	Director	28-12-2006	28-12-2006	-	Amalgamated	NO
13	U22211MH1983PTC207777	TIRUPATI PRINTERS PVT LTD	Director	28-12-2006	28-12-2006	-	Amalgamated	NO

Name :

Mr. Upendra Gordhanbhai Patel

Designation :

Director

Address :

08, Prabhu Parki, Near Vahanwati Mata Mandir, Baroda-390007, Gujarat, India

Date of Birth/Age :

30.06.1932

Date of Appointment :

23.12.1980

Din No.:

00399035

Name :

Mr. Vishnubhai Bhagwandas Haribhakti

Designation :

Director

Address :

Maker Tower B, Colaba, Flat No. 51, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

08.10.1929

Date of Appointment :

05.08.1988

Din No.:

00088062

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	21-02-1969	21-02-1969	-	Active	NO
2	L15420PN1933PLC133303	TILAKNAGAR INDUSTRIES LIMITED	Director	15-03-1977	15-03-1977	27-09-2014	Active	NO
3	L17110MH1912PLC000351	SIMPLEX REALTY LIMITED	Director	19-05-1986	19-05-1986	-	Active	NO
4	L24230KA1923PLC010205	ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED	Director	05-08-1988	05-08-1988	-	Active	NO
5	L24111UR1985PLC015063	ESTER INDUSTRIES LIMITED	Director	29-03-1991	29-03-1991	12-02-2015	Active	NO
6	L31500MH1938PLC009887	BAJAJ ELECTRICALS LIMITED	Director	12-08-1991	12-08-1991	-	Active	NO
7	L29269TZ1973PLC000680	LAKSHMI AUTOMATIC LOOM WORKS LIMITED	Director	18-09-2014	21-01-1993	10-02-2015	Active	NO
8	L21010MH1960PLC011764	CITADEL REALTY AND DEVELOPERS LIMITED	Director	16-09-1993	16-09-1993	-	Active	NO
9	L29120MH1964PLC012955	HINDUSTAN COMPOSITES LIMITED	Director	23-02-1994	23-02-1994	09-08-2011	Active	NO
10	U74999MH1985PLC037035	FREE PRESS HOUSE LTD	Director	30-09-1996	30-09-1996	-	Active	NO
11	U74999MH2000PTC124842	DH CONSULTANTS PRIVATE LIMITED	Director	28-09-2005	15-06-2005	02-04-2013	Active	NO
12	U74140MH1990PTC059018	MOORES ROWLAND CONSULTING PRIVATE LIMITED	Director	29-06-2006	29-06-2006	-	Amalgamated	NO
13	U65191MH2007FTC170231	MIRAE ASSET TRUSTEE COMPANY PRIVATE LIMITED	Director	12-05-2008	28-04-2008	-	Active	NO

Name :

Mr. Uddhav Abhay Kanoria

Designation :

Whole Time Director

Address :

281, Kshitij, 47, L Jagmohandas Marg, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

08.08.1981

Date of Appointment :

01.08.2012

Din No.:

00108909

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1990PLC055194	PARITOSH INDUSTRIAL FINANCE LIMITED	Director	01-12-2005	01-12-2005	-	Amalgamated	NO
2	L24230KA1923PLC010205	ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED	Whole-time director	10-08-2012	10-08-2006	-	Active	NO
3	U17119GJ1958PLC000883	BROACH TEXTILE MILLS LIMITED (FULLFLEDGED PUBLIC CO )	Director	31-01-2009	31-01-2009	-	Active	NO
4	L28990MH2003PLC142200	THAMES LINERS LIMITED	Director	31-01-2009	31-01-2009	-	Active	NO
5	U17120MH2003PLC142198	SUDARSHAN EXPORTS LIMITED	Director	31-01-2009	31-01-2009	-	Active	NO
6	U67190MH1993PTC075314	ALTHAEA FINANCE AND LEASING PRIVATE LIMITED	Director	31-01-2009	31-01-2009	02-06-2014	Active	NO

Name :

Mr. Santkumar Manjunath Shirali

Designation :

Director

Address :

302, Chandra Bhuvan, 446, 14^th Road, Khar, Mumbai-400052, Maharashtra, India

Date of Birth/Age :

29.09.1950

Date of Appointment :

01.07.2012

Din No.:

05260386

Name :

Mr. Nalagath Ahmedali

Designation :

Director

Address :

301, Mayfair, 2, Cookson Road, Bangalore-560084, Karnataka, India

Date of Birth/Age :

09.03.1948

Date of Appointment :

24.08.2012

Din No.:

00704341

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140KA2001PTC029276	H.R. CORNUCOPIA PRIVATE LIMITED	Director	01-02-2004	01-02-2004	-	Active	NO
2	U45201KA1995PTC018791	MARIGOLD ESTATES PRIVATE LIMITED	Director	09-03-2005	09-03-2005	-	Active	NO
3	L24230KA1923PLC010205	ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED	Director	24-08-2012	24-08-2012	-	Active	NO
4	U33201KA1994PTC023162	ALLERGAN INDIA PRIVATE LIMITED	Additional director	24-03-2015	24-03-2015	-	Active	NO

Name :

Mr. Sujay Banarji

Designation :

Director

Address :

Flat 112, Kalpataru Heights, Dr. AR Nair Road, Agripada, Mumbai-400011, Maharashtra, India

Date of Birth/Age :

09.01.1958

Date of Appointment :

24.08.2012

Din No.:

05308958

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24230KA1923PLC010205	ANGLO-FRENCH DRUGS & INDUSTRIES LIMITED	Nominee director	24-08-2012	24-08-2012	-	Active	NO
2	U66010DL1947GOI007158	THE ORIENTAL INSURANCE COMPANY LIMITED	Whole-time director	17-07-2014	17-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subbarayalu B Babu Naidu
Designation :	Secretary
Address :	Flat No. MF 34/11, MIG Block, Nandini Layout, Bangalore-560096, Karnataka, India
Date of Birth/Age :	17.08.1952
Date of Appointment :	29.10.2007
Pan No.:	ABNPS1514P
Name :	Mr. Mohan
Designation :	Maintenance Engineer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.10.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 27.10.2014

Category	Percentage
Bodies corporate	12.82
Directors or relatives of Directors	52.87
Other top fifty shareholders	3.07
Others	13.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products

Products :

Item Code No.	Product Description
30069100	Appliances Identifiable For Ostomy Use

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Pharmaceutical Products

Countries :

Malaysia

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

• HDFC Bank Limited - HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

• State Bank Of India – Industrial Estate Branch, Rajajinagar Industrial Town, Bangalore -560044, Karnataka, India

• ING Vysya Bank Limited – 22 Ground Floor, ING Vysya House, M. G. Road, Bangalore – 560001. Karnataka, India

Facilities :

Secured Loan	30.06.2014 (Rs. in Million)	30.06.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks (Secured by mortgage of Land, Buildings & Plant & Machinery at Peenya)	21.608	20.000
Intercorporate deposits	9.470	5.150
Other loans and advances (Secured by hypothecation of vehicles financed out of proceeds of Loans )	5.232	4.173
Short-term borrowings
Working capital loans from banks (Loans payable on demand From Banks Working Capital facilities (Secured Portion) Secured against first hypothecation on Stocks and Book Debts ranking pari passu, and Cash Credit and Others)	172.871	101.727
Total	209.181	131.050

Auditors :
Name :	Ray and Ray Chartered Accountants
Address :	T-1, 3rd Floor, Mangalam Chambers 25, K H Road , Bangalore, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFR8764R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Sudarshan Services Limited , India (U74999mh1984plc033697) Althaea Finance & Leasing Private Limited. Ekta Tie-Up Private Limited Aakruti Investments Limited Gbk Charitable Trust Sudarshan Exports Limited Abhay Kanoria Family Trust Paritosh Industrial Finance Limited Sudarshan Services Limited Broach Textile Mills Limited Progressive Traders & Investors Thames Liners Limited Capital Commerce Private Limited Radha Kesari Spinning Mills Limited. Tirupati Printers Private Limited.

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1162500	Equity Shares	Rs.10/- each	Rs.11.625 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2014	30.06.2013	30.06.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.625	11.625	11.625
(b) Reserves & Surplus	145.729	164.294	158.497
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	157.354	175.919	170.122
(3) Non-Current Liabilities
(a) long-term borrowings	36.310	29.323	4.311
(b) Deferred tax liabilities (Net)	12.785	8.386	9.320
(c) Other long term liabilities	30.980	32.423	35.126
(d) long-term provisions	4.228	3.873	3.461
Total Non-current Liabilities (3)	84.303	74.005	52.218
(4) Current Liabilities
(a) Short term borrowings	172.871	101.727	106.079
(b) Trade payables	149.975	135.473	89.833
(c) Other current liabilities	100.605	102.756	97.061
(d) Short-term provisions	19.679	23.940	23.669
Total Current Liabilities (4)	443.130	363.896	316.642
TOTAL	684.787	613.820	538.982
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	152.877	141.288	147.200
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.662	0.662	0.662
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.298	20.212	3.577
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	166.837	162.162	151.439
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	190.832	127.086	124.395
(c) Trade receivables	201.816	210.879	168.830
(d) Cash and cash equivalents	28.732	16.313	11.756
(e) Short-term loans and advances	90.842	93.731	77.893
(f) Other current assets	5.728	3.649	1.669
Total Current Assets	517.950	451.658	384.543
TOTAL	684.787	613.820	535.982

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.06.2014	30.06.2013	30.06.2012
	SALES
	Income	997.884	894.576	850.122
	Other Income	15.974	15.018	18.184
	TOTAL (A)	1013.858	909.594	868.306
Less	EXPENSES
	Cost of Materials Consumed	284.872	283.505	297.981
	Purchases of Stock-in-Trade	236.814	158.628	89.489
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.102)	(6.839)	(3.721)
	Employees benefits expense	181.255	150.202	141.671
	Other expenses	313.865	286.532	293.835
	TOTAL (B)	989.704	872.028	819.255
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	24.154	37.566	49.051
Less	FINANCIAL EXPENSES (D)	23.066	15.872	18.326
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.088	21.694	30.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)	15.257	12.082	15.685
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(14.169)	9.612	15.040
Less	TAX (H)	4.396	1.775	3.663
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(18.565)	7.837	11.377
	Earnings / (Loss) Per Share (Rs.)	15.97	6.74	9.79

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		30.06.2014	30.06.2013	30.06.2012
PAT / Total Income	(%)	(1.86)	0.88	1.34
Net Profit Margin (PBT/Sales)	(%)	2.42	4.20	5.77
Return on Total Assets (PBT/Total Assets}	(%)	(2.07)	1.57	2.81
Return on Investment (ROI) (PBT/Networth)		(0.09)	0.05	0.09
Debt Equity Ratio (Total Liability/Networth)		1.33	0.74	0.65
Current Ratio (Current Asset/Current Liability)		1.17	1.24	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	11.625	11.625	11.625
Reserves & Surplus	158.497	164.294	145.729
Net worth	170.122	175.919	157.354
long-term borrowings	4.311	29.323	36.310
Short term borrowings	106.079	101.727	172.871
Total borrowings	110.390	131.050	209.181
Debt/Equity ratio	0.649	0.745	1.329

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	850.122	894.576	997.884
		5.229	11.548

NET PROFIT MARGIN

Net Profit Margin	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	850.122	894.576	997.884
Profit	11.377	7.837	(18.565)
	1.34%	0.88%	(1.86%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

1. Income Tax demand amounting to Rs. 17.797 Million against which appeal is pending before appropriate authority.

2. Excise duty demand amounting to Rs 20.571 Million against which appeal is pending before appropriate authority.

3. Sales tax demands amounting to Rs. 7.712 Million against which the Company has preferred appeals.

4. Counter Guarantees given to the Banks against guarantees given by them on Company's behalf Rs. 8.980 Million (previous years. Rs. 12.115 Million).

5. Letters of Credit open and outstanding Rs. 5.017 Million (previous year Rs. 19.723 Million)

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10386032	29/04/2015 *	152,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI- 400013, Maharashtra, INDIA	C53114286
2	10358664	26/02/2015 *	85,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE, Karnataka  - 560001, INDIA	C45265279

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Brands and trade marks

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	KIN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.